Ethereum has some immense weakness in recent times, severely underperforming Bitcoin and the aggregated crypto market as it continues struggling to garner any upwards momentum.
Traders don’t seem to think that this lackluster price action will last for too much longer, however, as open interest for ETH has been rocketing higher throughout the past 12-hours.
Data regarding the number of long positions on cryptocurrency trading platform Bitfinex also indicates that traders are widely expecting it to see a massive upside movement in the near-term.
The number of Ethereum long positions on this platform just hit a fresh all-time high. Although this points to positive sentiment amidst traders, it could also act as fuel for a major decline.
Ethereum Struggles to Garner Upwards Momentum, But Analysts Forecast Upside
At the time of writing, Ethereum is trading up just over 2% at its current price of $195, marking a notable climb from daily lows of under $190 that were set yesterday.
Previously, analysts have noted that it is imperative for the cryptocurrency to surmount its previous resistance at $198, as an ability to do so could help lead it back into the $200 region.
Whether it finds itself caught within an uptrend or downtrend in the weeks ahead could be largely dependent on how it responds to the resistance it faces at just above its current price level.
Analysts do seem to believe that it is positioned to see further short-term upside, with one analyst offering a chart showing that he expects it to visit $210 before seeing a decline into the mid-$100 region.
Image Courtesy of TraderXO
While looking at the chart seen above, it does appear that its high time frame support sits at roughly $140.
Rocketing ETH Long Positions Puts It at Risk of Seeing Major Downside
Long positions for Ethereum just hit a fresh all-time high on Bitfinex.
“New ATH for ETH longs on BFX… notional nearing another ATH as well, currently around $308m,” one analyst observed.
Image Courtesy of Josh Olszewicz
This has coincided with an over $80 million increase in open interest for the cryptocurrency on BitMEX.
It does appear that the cryptocurrency could be at grave risk of seeing a massive downside movement due to this phenomenon.
Bitcoin’s plummet from highs of over $8,000 to lows of $3,800 in mid-March came about as the result of cascading liquidations due to overleveraged long positions.
It is possible that Ethereum could see a similar type of decline if it begins moving lower, with the liquidations of these positions creating an intense downwards force on the cryptocurrency that leads it to spiral lower.
Featured image from Unplash. origin »
TLDR Ethereum (ETH) is the second largest cryptocurrency by market cap, but it has seen a negative price action, with the spot ether ETF likely to fail. So, it isn’t surprising that investors are showing a preference for Solana (SOL), Algorand (ALGO), and Milei Moneda ($MEDA), which is set to offer the best returns possible.
Ethereum appears to have entered a stagnation phase without giving any clear signals of where it is heading next. Its price action has been mostly contained within a narrow trading range over the last couple of weeks.
Ethereum has seen some incredibly poor price action throughout the past several weeks, with the cryptocurrency’s severe underperformance of Bitcoin leading it to erase virtually all the gains that came about as a result of the latest market-wide upswing.
Following Bitcoin's lead, Ethereum prices dipped on 10 May by a whopping 14% in an hour. This took the value of the second-largest digital asset from $210.06 to $180.01. This sudden dip in the price oThe post Ethereum Options paint a bearish picture after recent price action appeared first on AMBCrypto.
Ethereum has seen a slight rejection from its recent highs in the time following its decline from just below $200 Analysts are noting that there are multiple separate technical factors that point to an imminent breakdown One such factor is a major decline seen in the cryptocurrency’s buying pressure, which has been dissolving throughout the past several days and weeks Ethereum has been closely tracking the price action seen by Bitcoin in recent times. This […]
Ethereum has seen mixed price action throughout 2020, with the cryptocurrency first incurring a parabolic uptrend in early-February that led it to highs of $290, before it lost its momentum and reeled all the way down into the sub-$100 region in mid-March.
The collective market cap, at press time, rose to $209. 7 billion, for the first time since the market's collapse on 12 March. In fact, at the time of writing, Bitcoin's dominance had dropped to 64.
Ethereum, much like Bitcoin and all other major cryptocurrencies, is currently caught within a bout of range-bound trading that has led it to hover within the mid-$130 region. This lackluster price action may not last long, however, as analysts are now widely noting that the crypto may soon “dive hard” during the next major Bitcoin...
Ethereum has been closely tracking Bitcoin’s price action over the past day, which has led it to once again enter a consolidatory phase within the mid-$130 region. This bout of sideways trading closely follows the crypto’s recent rally that sent it surging towards its key resistance at $140.
Investors are paying close attention to Ether’s price action since it is currently testing a significant support level that would likely determine where it is headed next. Ethereum Teeters from...The post Only a Thin Support Keeps Ether From Catastrophe appeared first on Crypto Briefing.
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Ethereum (ETH) has seen some incredibly bearish price action over the past several days and weeks, with Bitcoin’s recent break below $10,000 catalyzing a short-term downtrend that has impacted all major cryptocurrencies.
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Ethereum (ETH) has seen some insane price action over the past several days, with its 2020 rally rapidly turning parabolic as bulls look to propel the crypto past $300. This intense upwards rally has allowed the cryptocurrency to break above a key resistance level that had previously been suppressing its price action, suggesting that it...
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Ethereum has seen some incredibly strong price action over the past several days and weeks, with ETH’s massive 2020 rally coming against the backdrop of immense bullishness within the aggregated cryptocurrency markets.
A new “altseason” appears to have begun as several altcoins are starting to post significant gains. As a matter of fact, Ethereum Classic is up nearly 300 percent since mid-December 2019 while Cardano and IOTA surged over 90 percent.
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Ethereum (ETH) has been closely tracking Bitcoin’s price action over the past couple of weeks, which allowed it to post massive gains throughout the first part of the month, before setting a local top that has been followed by firmly bearish downside.
Ethereum has been closely tracking Bitcoin and the aggregated crypto markets over the past several days, which means that ETH’s multi-day price action has primarily favored sellers. In spite of this, ETH is still trading up significantly over a weekly period, and the cryptocurrency has been able to build some short-term momentum today, allowing it... The post appeared first on NewsBTC.
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The post Ethereum Could See More Pain Before Face-Melting Bull Market: Analyst appeared first on CCN.com
After reclaiming the $130 level earlier this past week, Ethereum (ETH) is currently struggling to hold above this level as bears attempt to take full control of the aggregated cryptocurrency markets.
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